DOCOsoft in Insurance Day: Closing the Growing Technological Divide between Claims and Underwriting
The need for advanced claims analytics solutions has been driven by globalised competition, data overload, more stringent risk and compliance requirements, new regulations and changing consumer behaviours. Many London market claims teams are therefore turning to analytics to gain insight and enhance performance. Weaving analytics into the organisational fabric can position Managing Agents for strategic, competitive and cost advantages.
There is a growing divide between claims management and underwriting systems in London. Claims management professionals and their teams tend to be more forward thinking than their underwriting counterparts, certainly as far as processes and technology go. Why is that? Possibly it is because claims are at the forefront of the customer experience so it is important to be as efficient and effective as possible.
At the same time, there is a perception that claims teams are the poor relation in the Lloyd’s and London market and even the TOM’s work streams seem to endorse this view because claims are not set to feature as one until 2018! To make up for this perception and the extremely challenging market environment, claims adjusters increasingly need to add value to their operation. One way of doing this is to use analytics and turn claims data into a valuable commodity.
From a claims perspective there may be more of a role to play for automated data capture solutions. To take a topical example, this might apply to claims peer review. Lloyd’s is currently refining the question set they are asking external reviewers to answer every time they are reviewing a claim. MAs, as a result, need to complete their own internal and external reviews on the same lines that Lloyd’s wants.